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21 Jan 2020

WTI drops to 3-day lows in sub-$58.00 levels

  • The barrel of WTI breaks below $58.00 on Tuesday.
  • Crude oil demand, China keep weighing on the sentiment.
  • API, EIA reports next on tap on Wednesday and Thursday.

Prices of the barrel of the American benchmark for the sweet light crude oil are trading on the defensive on Tuesday, extending the weekly drop to the sub-$58.00 area.

WTI focused on data, geopolitics

Prices of the WTI are adding to Monday’s losses below the $58.00 mark per barrel, prolonging the leg lower to fresh 3-day lows.

Indeed, crude oil prices have started the week on a positive mood after fears of supply disruptions re-emerged in response to developments in Iraq and Libya over the weekend.

However, the WTI reversed the initial optimism as traders remain concerned over the future of the crude oil demand in China, particularly after the recently published GDP figures. It is worth recalling that the Chinese economy expanded 6.1% during last year vs. a 6.6% expansion in 2018 and it is expected to expand 5.9% this year.

Later in the week, the API is expected to report on US crude oil supplies on Wednesday followed by the DoE’s report the following day and the weekly US oil-rig count by driller Baker Hughes on Friday.

WTI significant levels

At the moment the barrel of WTI is retreating 1.45% at $57.85 and a break below $57.59 (200-day SMA) would aim for $57.40 (2020 low Jan.15) and then $57.29 (100-day SMA). On the flip side, the next resistance aligns at $59.73 (weekly high Jan.20) seconded by $60.53 (50% Fibo of the December-January rally) and finally $65.66 (2020 high Jan.8).

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